HAMILTON, Ohio -- Millennials and baby boomers in pursuit of urban living will soon have a new option in downtown Hamilton.
Construction is slated to start this spring on an apartment development by CMC Properties. No official start date has been established for construction, but CMC Properties president Jim Cohen anticipates the apartments will be complete and move-in ready by next summer.
Construction on similar projects, like the recently completed Loveland Station, has typically taken about 12 to 18 months.
"A lot of it is weather-related, and a lot of it is trade-related," Cohen said.
The development, dubbed The Marcum, will be situated on Riverfront Plaza overlooking the Great Miami River.
"Right now, there's a shift back to urban living," Cohen said.
The development marks the first new construction to the city's urban core in decades.
"Those are the kinds of things that the city is investing in because they believe that having a healthy infrastructure in place that people will choose to live there," he added.
The Marcum will feature three stories of luxury apartments with first-floor retail space below. Monthly rent for the 103 apartments is expected to range from the high $800s for a one-bedroom unit to around $1,500 for a three-bedroom. CMC is currently accepting deposits from potential residents.
With a heavy concentration of commercial businesses and government buildings in Hamilton, urban residences will be something new for the city.
"It would provide an opportunity for individuals that really want to live in the environment," said Jody Gunderson, director of economic development for the city of Hamilton.
The urban setting, walkable neighborhood and proximity to recreational outlets are expected to appeal primarily to millennials and baby boomers.
"The two largest demographics in America today are the millennials and the baby boomers," Cohen said. "This serves both demographics nicely."
In addition to securing apartments for potential residents, CMC representatives are seeking tenants to fill the first-floor space. No retailers have yet been established, but restaurants and wine bars are among the types of businesses Cohen anticipates operating in the space.
"We want something that complements and doesn't compete with existing businesses in Hamilton," he said.
Recent revitalization efforts in downtown Hamilton -- including the city's investment in Marcum Park -- have been a big contributing factor to the location's appeal.
"It's been an incredible resurgence," Cohen said.
The resurgence is largely due to an increase in commercial development downtown, which feeds the need for new housing options.
"As we bring in in new commercial, there's greater demand for residential," Gunderson said.
The addition of residential property should in turn fuel the economy further.
"The economic impact of bringing that many people to an urban core is tremendous," Cohen said.
CMC's desire to meet the housing demand is a testament to the investments city officials have made in the city's infrastructure, Gunderson said.
"For a developer of this caliber to decide to do a project in the city of Hamilton, from our perspective is credence to the investments that we're making and the vision that we have for the area," he said.